ST. JONH'S Antigua, October 3rd, 2011 -- Finance and Economy Minister the Hon Harold Lovell recently participated in the annual meetings of the World Bank Group and the International Monetary Fund from in Washington, DC.
The meetings which were attended by hundreds of central bankers, ministers of finance and development, private sector executives and academics, discussed issues of global concern, including the world economic outlook, poverty eradication, economic development, and aid effectiveness.
Antigua and Barbuda’s delegation was led by Minister Lovell, and comprised of Financial Secretary, Whitfield Harris Jr. and Deputy Financial Secretary, Kevin Silston.
Montserrat’s Chief Minister, Reuben Meade, who is the current Chairman of the Eastern Caribbean Central Bank’s Monetary Council, was invited to be a part of Antigua and Barbuda’s delegation. Montserrat is not a member of the IMF.
At the 2011 meetings there was a concerted effort by member countries of the Eastern Caribbean Currency Union to coordinate their engagements with Fund and Bank executives. Joint meetings of member countries were arranged at which currency union positions were tabled by the Honourable Reuben Meade.
The main items on the Currency Union agenda were debt; growth; financial sector issues; and countries with Fund-assisted programmes.
The cross-cutting theme among these items was the need for a special intervention to allow Small Island Developing States to effectively cope with their debt burden and simultaneously grow their economies. According to the criteria of International Financial Institutions, our countries do not qualify for concessional financing, unlike countries such as Argentina.
On the matter of the Financial Sector, the Currency Union introduced the policy of the Monetary Council in respect of indigenous banks, which is that they should maintain a significant presence in the ECCU banking system as important vehicles that facilitate the development agenda of member countries.
Member countries met jointly with Executive Directors from the United States of America, the United Kingdom, Brazil and China.
Joint meetings were also held with the IMF’s Money and Capital Markets Department, and Deputy Managing Director of the IMF, Mr. Min Zhu, who impressed the ECCU delegation as someone with an acute appreciation of the challenges faced by small states.
No table bilateral meetings for the Antigua and Barbuda delegation were held with representatives from the OPEC Fund for International Development, Credit Suisse, and the Fiscal Affairs Department of the Fund.
The OPEC Fund for International Development indicated that Antigua and Barbuda is once again eligible for development assistance, now that repayment arrangements have been regularized.
Credit Suisse noted that its engagement with the Antigua and Barbuda Airport Authority is positive, and that institution is hopeful that an agreement to finance the continued upgrade of the V.C. Bird International Airport will be concluded before year’s end.
The IMF’s Fiscal Affairs Department reinforced its commitment to the Fiscal Consolidation Programme in Antigua and Barbuda and its readiness to assist with technical assistance through CARTAC and from IMF headquarters if requested.
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